In a plot twist worthy of a Hollywood thriller, the high-stakes battle for Warner Bros. Discovery has exploded into open conflict. What was supposed to be a tight but orderly auction has now turned into a full-blown corporate war — and according to sources cited in the New York Post, the team behind Paramount Skydance is furious over Warner’s decision to sell to Netflix.
A graphic showing the Netflix and Warner Bros. Logos – Netflix
While many in Hollywood were under the impression this was a done deal, regulatory issues and a couple of angry billionaires complicate the matter.
In other words, the Ellisons aren’t going away quietly.
A 75-Cent Difference That Sparked an Empire-Level Fight
The New York Post reports that the bidding war came down to a razor-thin margin: a difference of 75 cents per share between bids. Paramount Skydance offered $30 a share in an all-cash deal. Netflix countered with a structure valuing the company at $30.75 per share, driven by an offer to acquire WBD’s studio and streaming operations.
Netflix Co-CEO Ted Sarandos – YouTube, WSJ News
Less than 24 hours after receiving both offers, Warner Bros. Discovery CEO David Zaslav and the board announced they had accepted Netflix’s proposal.
That’s when everything blew up.
The Ellisons Are “Livid” — and Preparing a Counterattack
According to the Post’s reporting, David Ellison and his father Larry Ellison are not merely upset — they’re described as “livid” and actively preparing a plan to take their fight directly to WBD shareholders.
David Ellison in an interview with Bloomberg – YouTube, Bloomberg Podcasts
READ: Warner Bros Discovery Sale to Netflix May Be About Blocking CNN from Paramount Skydance
“They are really pissed over at Paramount Skydance,” a media executive with direct knowledge told the Post. “They think this was a rigged deal process because of the friendship between the CEOs and they’re betting the shareholders will be pissed when they find out what went down.”
Whether that allegation holds water is for regulators and shareholders to sort out, but the accusation alone signals how deeply the Ellisons intend to dig in.
A Hostile Bid Is Now Back on the Table
The New York Post notes that Paramount Skydance had already drafted plans for a hostile takeover attempt if Netflix won. Now that Netflix has been selected, those plans are back in motion — and here’s what that actually means.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
A “hostile takeover” doesn’t involve board cooperation. Instead, the Ellisons would bypass Warner Bros. Discovery leadership entirely and appeal directly to the shareholders, offering them a higher price per share than Netflix. If enough shareholders agree, the board can be overridden. According to insiders, Paramount Skydance has already mapped out how such a bid would work.
Launch a tender offer — a public offer to purchase WBD shares at a premium (something above their $30-per-share bid). This forces shareholders to choose between Netflix’s offer and a richer cash payout.
Pressure the board through shareholder revolt — if shareholders believe Netflix’s valuation depends too heavily on risky cable-asset spinoffs, they could demand the board reopen negotiations. A tender offer is designed to trigger exactly that kind of pressure.
Leverage regulatory uncertainty — insiders expect Washington to challenge the Netflix deal. Paramount Skydance could argue that their all-cash proposal avoids the antitrust minefield, giving shareholders a clearer path to approval and payout.
Paramount Skydance CEO David Ellison being interviewed – YouTube, CNBC Television
The Ellisons believe their offer is not only competitive — but superior. Their argument is straightforward:
- Netflix’s valuation depends on spinning off WBD’s cable assets (CNN, Discovery, etc.) to reach $30.75 per share.
- The Ellisons dispute what those assets are actually worth and claim Netflix’s projection is inflated.
- Their own all-cash structure is cleaner, simpler, and avoids breakup-fee drama if regulators tank the Netflix deal.
The Post also reports that Paramount Skydance believes WBD stopped communicating with their bankers near the end of the process, preventing them from upping the offer — a detail that fuels the belief that something wasn’t right about how the sale unfolded.
Zaslav’s Side: It Was About Certainty — and Cash
Sources close to Zaslav tell a different story.
They claim Paramount Skydance “is not making any money,” raising doubts about their long-term ability to close. Additionally, much of Larry Ellison’s net worth is tied up in Oracle stock, which has been impacted by the broader correction in AI-related shares.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
Netflix also offered a guaranteed multi-billion-dollar breakup fee and immediate liquidity, providing a safety net WBD viewed as essential.
One WBD official summed it up bluntly in the Post, saying, “We know we’re getting the money.”
A Political Wild Card — and a Regulatory Nightmare Ahead
Even if Netflix’s bid remains intact, the story is nowhere close to finished.
The New York Post reports that regulatory hurdles could stretch for years, driven by expected opposition from the Trump administration and multiple states concerned about streaming market dominance.
U.S. President Donald Trump sits for an interview with ABC News – YouTube, ABC News
READ: DC Theme Park Rights Could Come to Universal
Paramount Skydance plans to argue that the Netflix-WBD combination raises major antitrust concerns — perhaps fatal ones.
In other words: the deal that won the auction may not survive the battlefield.
What Happens Next?
Here’s where the story turns from dramatic to explosive:
If the Ellisons return with a higher offer — something above $30 a share and large enough to pay Netflix’s breakup fee — WBD sources say the door is open. Netflix won, but only barely. The board is obligated to evaluate any superior bid.
In short: This is not over. Not remotely.
Source Photo Credits: Netflix, Warner Bros.
The Ellisons appear determined to escalate, angry at what they believe was an unfair process. Netflix has secured the initial victory but now walks into a regulatory gauntlet that Paramount wants to exploit. And Warner Bros. Discovery finds itself caught in the middle of the biggest entertainment tug-of-war in modern history.
Do you think Paramount will stop the sale of Warner Bros. to Netflix? Sound off in the comments and let us know!
UP NEXT: WB Gives Employees New Information on Netflix Deal/Discovery Split in Global Town Hall Meeting
My favorite line from this article: “They are really pissed over at Paramount Skydance,” a media executive with direct knowledge told the Post. “They think this was a rigged deal process because of the friendship between the CEOs and they’re betting the shareholders will be pissed when they find out what went down.”
I can’t stop laughing over the idea that the Ellisons are throwing a tantrum because someone used nepotism against them, it’s a level of irony I wasn’t expecting from this entire situation but is hysterical to watch. I can just picture little weirdo Davy throwing himself on the ground screaming “D-Daddy, why didn’t they sell me their toys? Don’t they know we’re all fellow Jews? Call Donny and make him give it to me NOW!” The best part of all of this is how they can’t cry antisemitism, because if Zaslav was a gentile you better believe that’s exactly what would be happening.
Netflix has kompromat on the WB board? They’re all Epstein Islanders, Hollywood. (J*w*sh-run).
Has anyone seen that slick photo of the phaggot zaslav in his jean jacket, with the collar turned up? Same tribe as iger.